Ieq Capital LLC Takes Position in WesBanco, Inc. $WSBC

Ieq Capital LLC purchased a new position in shares of WesBanco, Inc. (NASDAQ:WSBC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 124,075 shares of the financial services provider’s stock, valued at approximately $4,843,000.

A number of other hedge funds have also bought and sold shares of the company. Royal Bank of Canada raised its stake in WesBanco by 52.2% during the first quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock valued at $1,858,000 after buying an additional 20,585 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of WesBanco by 56.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock worth $1,582,000 after acquiring an additional 18,347 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of WesBanco by 1,553.3% in the 1st quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 1,895 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of WesBanco by 179.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock valued at $47,779,000 after acquiring an additional 991,584 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of WesBanco by 60.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock valued at $6,704,000 after acquiring an additional 81,319 shares during the last quarter. 61.41% of the stock is currently owned by institutional investors and hedge funds.

WesBanco Price Performance

WesBanco stock opened at $40.86 on Monday. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 11.88 and a beta of 0.67. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The company’s 50-day moving average price is $40.04 and its two-hundred day moving average price is $36.71. WesBanco, Inc. has a 52 week low of $29.57 and a 52 week high of $43.02.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $275.79 million for the quarter, compared to the consensus estimate of $267.71 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. On average, analysts expect that WesBanco, Inc. will post 3.57 EPS for the current fiscal year.

WesBanco announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 20th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

WesBanco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.52 annualized dividend and a yield of 3.7%. WesBanco’s payout ratio is presently 44.19%.

Insider Transactions at WesBanco

In other news, EVP Jayson M. Zatta sold 12,500 shares of WesBanco stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total transaction of $522,500.00. Following the transaction, the executive vice president directly owned 81,082 shares in the company, valued at approximately $3,389,227.60. This trade represents a 13.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kimberly L. Griffith sold 6,875 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.20, for a total value of $283,250.00. Following the completion of the sale, the executive vice president directly owned 15,858 shares in the company, valued at $653,349.60. This represents a 30.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 36,625 shares of company stock valued at $1,505,462. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Piper Sandler lifted their price objective on shares of WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of WesBanco in a report on Monday, August 3rd. Wall Street Zen upgraded shares of WesBanco from a “sell” rating to a “hold” rating in a research report on Saturday. Royal Bank Of Canada lifted their price target on shares of WesBanco from $41.00 to $44.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Finally, DA Davidson set a $46.00 price objective on shares of WesBanco in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, WesBanco has a consensus rating of “Moderate Buy” and a consensus target price of $43.20.

WesBanco Company Profile

WesBanco, Inc is a bank holding company headquartered in Wheeling, West Virginia, offering a full range of community banking services through its principal subsidiary, WesBanco Bank, Inc The company serves individual consumers, small? to mid?sized businesses, nonprofit organizations and governmental entities with a relationship?driven approach and an emphasis on local decision?making. Through its diversified platform, WesBanco provides core banking functions such as deposit accounts, commercial and consumer lending, mortgage banking, treasury management and electronic banking services.

In addition to traditional banking products, WesBanco offers specialized services including trust and wealth management, investment advisory and insurance solutions.